Name: My big idea to fix wealth inequality - with Ghela Boskovich
Uploaded: 2022-09-30T15:04:13.119Z
Duration: 216.37
Description: The global wealth gap has rapidly widened due to the pandemic, deepening economic inequalities. What can be done to tip the scales in a more balanced direction? We asked fintech fanatic Ghela Boskovich if she could solve this problem with one big idea. Follow along as she provides her eloquent blueprint for tackling this issue.

MBITF wealth inequality_v3.mp4

MBITF wealth inequality_v3.vtt

English

{{00:00:08}}
Hi, my name is Ghela Boskovich.

{{00:00:10}}
I am the head of Europe for the Financial
Data and Technology Association.

{{00:00:13}}
We're a trade association representing
FinTechs and third party providers that are

{{00:00:17}}
focused only on open banking and open finance.

{{00:00:24}}
My big idea to fix wealth inequality is absolutely
nonexistent because there is one big idea I

{{00:00:29}}
think that that actually is a silver bullet.

{{00:00:31}}
When it comes down to wealth
inequality and inclusion.

{{00:00:35}}
It really is about access to money, access
to credit, access to data, and I think

{{00:00:41}}
that one thing that's absolutely critical
for people to understand is that they

{{00:00:45}}
should be able to own their own data.

{{00:00:47}}
And really, consumer data right is the basis
and foundation for opening up all sorts

{{00:00:52}}
of possibilities and different services
within financial services, but it has to be

{{00:00:57}}
based on something that allows a consumer
to direct and control how that information

{{00:01:01}}
is used and how that service is provided.

{{00:01:04}}
I think when it comes down to it, being able
to understand how the information is used

{{00:01:08}}
to provide a service is really critical.

{{00:01:10}}
That includes financial literacy
and financial education.

{{00:01:14}}
But in order for that information to move
and then be analyzed and that service

{{00:01:18}}
provided, the consumer has to be able
to direct where that information goes.

{{00:01:23}}
And the fundamental thing, at least
within the policy space in which I work,

{{00:01:27}}
is enshrining consumer data rights.

{{00:01:29}}
Not only is it about empowering the end
individual or the small business to be able to

{{00:01:38}}
direct their information to the right service
provider at the right time for the right service,

{{00:01:43}}
as well as an appropriately costed service.

{{00:01:47}}
It requires that data mobility at
speed and scale across a number of

{{00:01:51}}
different actors in the value chain.

{{00:01:53}}
And if you don't have that right and you
can't say to your bank, I want you to share my

{{00:01:56}}
information with another party so that they can
provide me a service that allows me insight or

{{00:02:02}}
allows me to have a different sort of credit
profile that was perhaps more attractive

{{00:02:06}}
than what the bank would initially offer.

{{00:02:09}}
That sort of thing is really critical and
fundamental, and that's not yet enshrining

{{00:02:14}}
legislation in a number of jurisdictions.

{{00:02:17}}
And in terms of financial inclusion,
one of those things is being able to

{{00:02:21}}
have a digital identity, and again, that
comes down to having a digital right.

{{00:02:30}}
We don't have those foundations laid yet.

{{00:02:33}}
Some are encapsulated in GDPR
for certain jurisdictions.

{{00:02:37}}
Other jurisdictions like Australia have
explicitly articulated consumer data right.

{{00:02:42}}
And for markets like the UK they're
considering what that might look like.

{{00:02:47}}
But I think for anything in the open
data economy and open data is supposed

{{00:02:51}}
to democratise access to services.

{{00:02:54}}
It is supposed to open up opportunity
for those who are not necessarily part of

{{00:02:58}}
economic ladder and require something like
a digital identity in order to participate

{{00:03:03}}
in a digital system, and banking has
been transformed into a digital system.

{{00:03:08}}
I think that's the starting point, and from there
we'll be able to find solutions that will actually

{{00:03:11}}
enable bigger ideas that will solve the problem.

{{00:03:14}}
It has to start somewhere, and for me it starts
at fundamental consumer data rights that allows

{{00:03:20}}
an individual to have an explicit digital
identity that can be used across all sorts of

{{00:03:24}}
open data industries, systems, and networks.

{{00:03:28}}
That's my big idea.

I am the head of Europe for the Financial
Data and Technology Association.

We're a trade association representing
FinTechs and third party providers that are

focused only on open banking and open finance.

My big idea to fix wealth inequality is absolutely
nonexistent because there is one big idea I

think that that actually is a silver bullet.

When it comes down to wealth
inequality and inclusion.

It really is about access to money, access
to credit, access to data, and I think

that one thing that's absolutely critical
for people to understand is that they

And really, consumer data right is the basis
and foundation for opening up all sorts

of possibilities and different services
within financial services, but it has to be

based on something that allows a consumer
to direct and control how that information

is used and how that service is provided.

I think when it comes down to it, being able
to understand how the information is used

That includes financial literacy
and financial education.

But in order for that information to move
and then be analyzed and that service

provided, the consumer has to be able
to direct where that information goes.

And the fundamental thing, at least
within the policy space in which I work,

Not only is it about empowering the end
individual or the small business to be able to

direct their information to the right service
provider at the right time for the right service,

as well as an appropriately costed service.

It requires that data mobility at
speed and scale across a number of

And if you don't have that right and you
can't say to your bank, I want you to share my

information with another party so that they can
provide me a service that allows me insight or

allows me to have a different sort of credit
profile that was perhaps more attractive

than what the bank would initially offer.

That sort of thing is really critical and
fundamental, and that's not yet enshrining

legislation in a number of jurisdictions.

And in terms of financial inclusion,
one of those things is being able to

have a digital identity, and again, that
comes down to having a digital right.

We don't have those foundations laid yet.

Some are encapsulated in GDPR
for certain jurisdictions.

Other jurisdictions like Australia have
explicitly articulated consumer data right.

And for markets like the UK they're
considering what that might look like.

But I think for anything in the open
data economy and open data is supposed

It is supposed to open up opportunity
for those who are not necessarily part of

economic ladder and require something like
a digital identity in order to participate

in a digital system, and banking has
been transformed into a digital system.

I think that's the starting point, and from there
we'll be able to find solutions that will actually

enable bigger ideas that will solve the problem.

It has to start somewhere, and for me it starts
at fundamental consumer data rights that allows

an individual to have an explicit digital
identity that can be used across all sorts of

open data industries, systems, and networks.

Expert Insight

The global wealth gap has rapidly widened due to the pandemic, deepening economic inequalities. What can be done to tip the scales in a more balanced direction?

We asked fintech fanatic Ghela Boskovich if she could solve this problem with one big idea. Follow along as she provides her eloquent blueprint for tackling this issue. 

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Ghela Boskovich

Head of Europe, FDATA 

Big problems need innovative solutions. See what Boskovich has in mind to help tackle inequality in wealth distribution. 

How to fix wealth inequality?

Policies have to change to allow consumers more control of their data. Find out the specifics on what changes are required. 

What should customer data rights look like?

Boskovich explains how changing policies can help to spark a revolution in wealth distribution and equality. 